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Youth ‘at risk' is the currently favoured label used in Australian policy for youth whose educational outcomes are considered too low, with an emphasis on the risk of not completing senior secondary education. Although some research has identified factors contributing to this risk as stemming from complex interactions between individual and family circumstances as well as characteristics of schools and society, policy identification of youth ‘at risk’ has tended to simplistically focus on personal attributes of young people. Moreover, this identification has set up a false distinction between a supposed problematic minority versus a ‘normal’ majority. Thus, the dominant conceptualization of youth ‘at risk’ draws attention to what is wrong with these youth, rather than to what may be wrong with schooling. This paper examines both empirical observations and discursive conceptualizations to critique the ‘youth at risk’ label, and proposes use of the concept of ‘marginalized students’ instead, which identifies individuals not through their personal characteristics but through their relationship with schooling. This approach allows recognition that marginalization is at least in part a product of schools and society, and requires action in those arenas.